Global stocks, oil and the dollar eased overnight with traders taking a cautious stance before Italy's referendum and U.S. payrolls data later in the day, which will likely cement the case for a Fed rate hike.

Economists expect 175,000 jobs to be added, up from 161,000 in October, and see the unemployment rate remaining at 4.9%.

Gold is up 0.3% to $1172/ounce and the 10-year Treasury yield is flat at 2.43%.

A bit of political instability could be shaking markets this morning as the Clinton campaign has resurfaced in the U.S. to throw its weight behind recount efforts in three states, and investors look ahead to a key referendum in Italy next weekend.

U.S. stock index futures are down 0.35% across the board, and Italy's (NYSEARCA:EWI) 1.4% decline is leading Europe lower.

U.S. stock futures are higher ahead of what is likely to be the lightest trading volume day of the year as the NYSE closes at 1:00 p.m. Dow +0.3%; S&P 500 +0.2%; Nasdaq +0.2%.

Equities are set to open at new highs in what has historically been an up day for the market, especially for retail as Black Friday typically helps put the stores in a profitable position for the year.

Oil prices are down 1.2% at $47.39/bbl, while the 10-year Treasury yield is flat at 2.36%.

All three major averages closed at records yesterday, and all will be tacking on additional gains at least at the start of trade. Nasdaq 100 futures are up 0.45%, and Dow and S&P 500 futures are higher by 0.3%.

The Hang Seng's 1.4% advance led Asia higher overnight, and Europe's up 0.5% at midday.

The 10-year Treasury yield is down 2.6 basis points to 2.29%, gold is higher by 0.55% to $1,216, and oil is little-changed.

The global bond rout continues, with the 10-year U.S. Treasury yield up 12 basis points to 2.27%, the German 10-year Bund yield up 7 bps 0.38%, and the U.K. 10-year Gilt yield up 10 bps to 1.35%. Italian yields are up 14 bps and Spanish 12.5.

U.S. stock index futures were higher earlier, but have returned to about flat. Europe has also give up most of its gains, now higher by 0.3% at midday.

The big rally in the U.S. carried over to Asia overnight, where the Nikkei recouped all its post-election losses and more with a 6.7% moonshot. The Hang Seng rose 1.9%, and Shanghai 1.4%. Europe's up 0.8% at midday.

Nasdaq 100 futures +0.8%, S&P 500 +0.6%, DJIA +0.65%.

The 10-year Treasury yield is pulling back a hair after yesterday's 21 basis point jump - it's down one basis point to 2.05%.